In the Fort Smith, AR market, new home closings sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 7 a year earlier to 4 after the figure moved from 6 in March 2015 to 3 in March 2016.
A total of 100 new homes were sold during the 12 months that ended in April, down from 103 for the year that ended in March.
4 of the 283 total closings were new home closings, a shift on a percentage basis from 7 out of 385 a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $167,500, down from last year's $213,395. This came after a 29.2% fall in March from a year earlier.
The average mortgage size moved to $153,302, down from last year's $198,504. Average mortgage size on new homes went from $184,907 in March 2015 to $132,584 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes fell from 1,890 square feet a year earlier to 1,677 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 25.8% of existing home closings, below 32.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.5% in April from 15.3% a year earlier while REO closings as a percentage of existing home closings fell to 13.3% from 16.9% a year earlier.